Why Make A Will
Why is it important to make a will?
Although it’s not pleasant to think about the future when it comes to dying, it is really important that you have a will in place.
So what is a will, and why do you need one?
A will is a legal document that clearly sets out how you would like your assets to be taken care of when you are gone.
If you leave anyone behind who is dependent on you and you haven’t made a will, you will die intestate and that can create a delay in getting your assets into the hands of those who may be dependent on financial support.
Intestate means that your assets will be divided using a legal calculation and you may not be able to provide for your family in the way you would have wished.
So how can you make a will?
There are two ways to make a will. You can either write a will yourself or seek professional help from a will writing specialist.
We always advise that to ensure your wishes are met it is advisable to seek help from a professional.
This person must not be a beneficiary of the will and must not be related to a beneficiary of the will. You should only consider writing a will yourself if your wishes are very basic, and your financial circumstances are simple.
For anyone who is concerned about inheritance tax or who possesses multiple assets once again, it’s always best to seek professional help to consider plans designed to lessen the effects of this tax.
You should review your will from time to time and make any small changes as appropriate.
Wills are difficult to change completely, but you can write a new will to replace an old one should that be required.
If you are writing a will in Scotland, then the information here still applies to you, but there are a few legal aspects of will writing which are different. For example, in Scotland you are required by law to leave a portion of your estate to your spouse and children – if you have them.
It’s very important to remember that even if you are relatively young and are in good health, if you have any assets, are married or have children, it is incredibly important to write a will as soon as possible to ensure that they are protected and provided for in their future.
If you need additional support or would like to discuss making a will, please get in contact with us.